🚀 Cardano Bulls Target $1 Network Activity and Open Interest Signal Breakout
Cardano $ADA is showing renewed strength, climbing close to $0.80 after breaking out of a downward channel. On chain data points to rising user engagement, while derivatives metrics reflect growing trader optimism.
At press time on Friday, ADA trades at $0.80, up 6.22% from Thursday. According to Santiment, Unique Active Addresses jumped to 30.9K in the past 24 hours, compared to 29.6K the previous day indicating more participation as prices rise.
The profit to loss transaction volume ratio surged from 1.790 on Thursday to 4.808, showing a higher share of transactions occurring at profitable levels. This trend often signals increased network usage and stronger token demand.
Derivatives data from CoinGlass reveals ADA’s Open Interest climbed 12% in 24 hours to $1.43B, with the funding rate ticking up from 0.0085% to 0.0107% a sign of buy side dominance and fresh capital inflows.
On the technical side, ADA’s breakout above $0.7854 (now key support) puts bulls in range of the next target at $0.8599, last tested on July 23. A drop back below $0.7854, however, could pull the price toward the 100 EMA at $0.7589.
📈 Momentum is building and if bulls maintain control, the $1 mark could soon come into focus.
